Chennai, June 6
RANE Brake Linings Ltd plans to acquire Soubhagya Diecast Ltd, a Hyderabad-based manufacturer of aluminium pressure die-cast components mainly for the automotive industry, for Rs 5.85 crore.
According to a communication from Rane Brake Linings to the stock exchanges, the company will acquire 65 per cent of Soubhagya Diecast's paid-up capital from the promoters.
The company hopes to conclude purchase of the shares by early July 2005.
With this, Soubhagya Diecast will become a subsidiary of Rane Brake Linings, which will enable it to exploit the considerable potential to grow in both the domestic and export markets, according to the communication.